RIYADH: The Saudi Central Bank has given permission for Credit Line to conduct micro consumer finance activities, bringing the total number of licensed financial companies in the Kingdom to 77.
The approval adds another regulated lender to Saudi Arabia’s growing non-bank finance sector, which has become an important part of the Kingdom’s wider effort to broaden access to credit, strengthen financial inclusion and support innovation in financial services.
Saudi Arabia’s consumer finance sector has expanded rapidly in recent years as regulators license more non-bank lenders and fintech companies to improve access to credit.
The sector forms part of the Kingdom’s wider strategy to build a more competitive and inclusive financial ecosystem capable of supporting entrepreneurship, household financing and economic diversification.
“The Saudi Central Bank emphasizes the importance of dealing with financial institutions licensed or authorized by it,” said the bank, also known as SAMA, adding that this can be verified through its official website.
